FREQUENTLY ASKED QUESTIONS
In this short guide, we've covered the most frequently asked questions about the changes to your pension default arrangement.
We’re here to help so if you'd like further support, please get in touch with our Bristol-based helpdesk on 0117 314 1795 or by email at invest@hl.co.uk.
Our website and helpdesk can’t give personal advice. If you’re not sure what’s best for you, please ask us about advice.
NEW DEFAULT ARRANGEMENT
In this short guide, we've covered the most frequently asked questions about the changes to your pension default arrangement. We’re here to help so if you'd like further support, please get in touch with our Bristol-based helpdesk on 0117 314 1795 or by email at invest@hl.co.uk. Our website and helpdesk can’t give personal advice. If you’re not sure what’s best for you, please ask us about advice.
HL GROWTH FUND
What happens to my existing investments?
We won’t automatically make changes to your existing investments, regardless of where you invest your monthly contributions. Any existing investments in your pension will remain unchanged unless you decide to change them yourself.
Can I change where my pension is invested?
Existing investments Yes – you can make changes to where your pension is invested at any time. Dealing instructions can be placed online, by calling our Pensions Helpdesk on 0117 314 1795 or by sending us a signed letter of instruction. Regular contributions Yes – you can change where your regular contributions are invested at any time. You can amend your instructions online via the ‘Company contributions’ tab, by contacting our Pensions Helpdesk on 0117 314 1795 or by sending us a signed letter of instruction.
How is the HL Growth Fund different from the ABC funds?
The HL Growth Fund is the new default investment fund for HL Group SIPP (Self-invested Personal Pension). A default fund is an investment option for those who don’t wish to make their own investment choices.
Learn more about the HL Growth Fund The ABC funds are a collection of 3 fund ideas based on the fund’s approach to risk. ‘A’ for Adventurous, ‘B’ for Balanced and ‘C’ for conservative. The ABC funds are regularly reviewed by our analysts and are subject to change over time.
Learn more about the ABC funds Please remember that all investments can fall as well as rise in value. This means you could get back less than you invest.
How risky is the HL Growth Fund?
The HL Growth Fund has a greater exposure to shares than the previous default fund. This is because shares have the most growth potential over the long term, but it does mean that it may be more volatile. This is one reason why we’ve also chosen to increase the Lifestyling term from 5 years to 10 years. Keep in mind that all investments, including the HL Growth Fund, can fall as well as rise in value. This means you could get back less than you invest.
What is the charge for the HL Growth Fund?
The HL Growth Fund has a fixed annual management charge of 0.10%. This charge is taken from within the fund. Keep in mind, this doesn’t include the HL platform fee of up to 0.45% per year.
There’s no charge for buying or selling funds. If you do choose to switch your existing investments, please be aware that you’ll be out of the market (usually for one working day) while the switch goes through.
LIFESTYLING
What is Lifestyling and how does it work?
‘Lifestyling’ is the name of a process designed to shelter the value of your pension as you get closer to retirement. During Lifestyling, your pension investments are gradually switched into a fund with a balanced risk profile in the 10 years leading up to your selected retirement age. Please remember that all investments, including during Lifestyling, can fall as well as rise in value. This means you could get back less than you invest.
Can I change my selected retirement age?
Yes – your selected retirement age is an indication of when you might retire, but it’s not an obligation to do so. It also determines when Lifestyling should start. You can change your selected retirement age at any time by contacting our Pensions Helpdesk on 0117 314 1795, by sending us a secure message from your online account or via a signed letter.
Can I change my mind about Lifestyling?
Yes – your selected retirement age is an indication of when you might retire, but it’s not an obligation to do so. It also determines when Lifestyling should start. You can change your selected retirement age at any time by contacting our Pensions Helpdesk on 0117 314 1795, by sending us a secure message from your online account or via a signed letter.
Why have you extended the length of Lifestyling?
Increasing the Lifestyling period to 10 years aims to give more shelter from market volatility as you approach your selected retirement age, while still allowing your pension a chance to grow. This increase reflects a similar approach to most other workplace pension providers.
Can I choose other funds for Lifestyling?
Yes – you don’t have to use BlackRock My Map 4 as your Lifestyling fund. You can choose any other fund if you prefer. Please contact our Pensions Helpdesk on 0117 314 1795 for more information or to provide an instruction.
